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Abstract:Investors should develop their own ideas and strategies since opinions in the market are motley
WikiFX Strategies (6 Feb.) - While upsides, downsides, and consolidation are all commonly seen in the market, it can appear only one of them at a time. Investors should develop their own ideas and strategies since opinions in the market are motley. WikiFX recently interviewed a trading expert, Mr. Y., and the following is a transcript of the interview.
WikiFX: When you are trading, what do you survive on?
Y: Absolute confidence in myself. I will definitely enter the market if the technical patterns on charts are familiar to me. This rule helps me to make profits in 80% of my transactions. What I believe are my own trading skills and rules. Besides, I only trade on familiar patterns.
WikiFX: How do you implement your trading rules?
Y: While all techniques have limitations, the stop loss works forever. I closed my positions each time when prices reached the stop out level. The very first thing I do in all my tradings is to set my stop-loss orders.
WikiFX: Will losseschange your attitude?
Y: Losses included in my plan are valuable, which help me perfect my techniques and strategies.
WikiFX: Do you take advice from others?
Y: Never. Do those who offered the advice did so themselves? Just trade according to your own understanding.
He did as he said. Call him bigoted, but he makes a living out of that skill and lives easier than 90% of traders.
Download WikiFX (bit.ly/wikifxIN) to get lessons from experts who have traded forex for over 20 years.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
U.S. stocks closed mixed. Dow Jones Industrial Average fell 118 points (-0.31%) to 37,592, S&P 500 gained 3 points (+0.08%) to 4,783, and Nasdaq 100 edged up 12 points (+0.07%) to 16,832.
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